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2. Worked with HCL (Top 5 Indian IT Companies as Software Engg) for 1.5 years. - >> I promotion,
Role : Module lead, handled 2 modules, led a team of 4 people, interacted with Calif. based clients,
gave Product Demo, Voice - Over for Product Technical briefing which was shipped worldwide along
with software CD. Rave reviews from top ranks.

Postgraduate level :-
1.Gen. Secretary- Students Council :
i.organising IT workshops, national seminars & lectures, persuading/inviting business leaders to speak.
ii.Pioneneered University Relation Tie-up programme with IBM to impart training on IBM Products.

2.President - Placement Cell :
i.Conducting corporate outreach programmes,
ii.Single handedly created Flash presentation for Institute as a brand promotion initiative to get companies to campus for hiring . Presentation still used by college.

Wow, you sure have a lot going on here! You surely know that being an Indian with an IT background puts you in a very crowded/competitive pool. But you have a ton of great experiences to write about in your application, so you should have a good chance of standing out. A couple of thoughts:

1) You'll want to briefly explain your low undergrad GPA somewhere in your app. Don't dwell on it, but explain what happened and how you improved from there.

2) You have so many experiences that the challenge will be to tie them all together into one application "story," which you said. What this will probably require is to leave out some of it and choose what to focus on. You understandably will want to tell them about all of your interesting experiences, but at some point you'll need to start choosing quality over quantity. Think about what you want them to really remember you by. And think about what supports your "Why an MBA?" story as well as what helps you stand out a bit.

Once I have strong story to weave around these weaker points, I think I might do well.

How would you suggest to go about it?

Also, of all these credentials, do I need to submit transcripts to b-school.

How would they otherwise know that this is correct information which I am furnishing (not doubting on their calibre to do this..but still..!)

Do I need to submit these transcripts with my application ..or reference needs to be made in my essays...and interviews , if any?

What exceptional is required for elite b-schools like Wharton, Harvard or Stanford? I guess I have good mix of ingredients to make a stellar application recipe, but what else do i need to focus on now, keeping in mind; I would apply for 2008 session?

It's really hard for me to tell you how to weavei t all together without knowing you better. Anyway, that's your job! Don't rely on some consultant to do it for you. Seriously, this will really need to come from you, because you're the one who really knows why you want an MBA.

No transcripts are needed for the extracurriculars and outside experiences. Just mention them in your essays and, where appropriate, have a reco come from someone who knows you through these activities.

In terms of what is required and what esle you can do, just keep looking for more ways to get involved and MAKE A POSITIVE IMPACT in the world around you, both on the job and outsise of it. That's one definition of leaderhip.